S&P500 Already in A Bearish Reversal – Elliott wave analysis
Stocks are turning down for the last few sessions, with an aggressive sell-off on SP500 beneath the lower trendline of an ending diagonal which now looks like an impulsive reversal. As such, even more weakness can be seen, but probably after a rally up in wave B or 2.
Once wave A/1 fully develops, a correction as B or 2 may show up, which can look for resistance/bearish reversal at the 3234/3246 level.
Disclosure: Please be informed that information we provide is NOT trading recommendation or investment advice. All of our work is for educational purposes only.
Find more: Contributing Author